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Looking Forward: A Talk With Leslie Murphy

BY NANCY R. BALDIGA

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Leslie Murphy, managing partner of client service for Plante &
Moran, will become the AICPA chair at the Institute’s October annual
meeting. The JofA will publish her acceptance speech in a
future issue.

eslie Murphy has had a distinguished career. As a member
of the senior leadership team at Plante & Moran, she has been a
manager in the areas of assurance, tax, management consulting,
technology consulting and corporate restructuring. She also cofounded
the firm’s PTA Committee, which is responsible for work/life
initiatives. During her years of service with the AICPA, she has
served on the board of directors and as chairman of the finance
committee. In addition she has worked extensively with the Michigan
Association of CPAs, United Way, the Michigan Women’s Foundation,
Michigan’s Children and Junior Achievement. In anticipation of taking
on her latest leadership role, she shared her thoughts with the
JofA .

THE PROFESSION TODAY JofA: The past few years have been a period of self-reflection for the
accounting profession as it addressed the criticisms and concerns of
the general public, regulators and primary users of financial
information. What has the profession accomplished and what are the
key things that still need to be done?

Murphy: The profession’s response in the face of some
very difficult times has been exceptional. We have improved the
independence rules, finalized certain auditing and accounting changes
and initiated others in ethics, enforcement and peer review standards
affecting private companies. We have addressed audit quality and
supported it by launching the Employee Benefits Audit Quality Center,
the Government Audit Quality Center and the Center for Public Company
Audit Firms. We have further developed strong working relationships
with regulators, including the PCAOB, as well as with legislators and
government agencies. Today, we are working in a far more coordinated
manner than ever before with a wide range of groups affecting our
profession. We created a state-of-the-art CPA examination that screens
candidates much more effectively for the skills and knowledge
necessary to be successful in our ever more complex world. In line
with our long-term commitment to serving the public, we launched an
unprecedented CPA-driven nationwide financial literacy initiative that
is truly sweeping the country.

THE CHAIR’S ROLE JofA: What are the primary goals for you and your leadership team in the
coming year? What do you see as your biggest challenge and your
greatest opportunity?

Murphy: I am fortunate to have served on the AICPA
board for the past three years when our current initiatives were
debated and formalized. I plan to sustain the positive momentum we
have achieved through innovation and a willingness to change and step
up to challenges and complex issues. We have a great profession, and I
am determined to do my part to ensure the AICPA continues to serve and
support our diverse membership. At the same time, we must continually
strive to help CPAs serve the public and live up to our high
professional standards. We also need to celebrate the opportunities
that our profession provides so that it becomes even more attractive
and enjoyable as a career. Our biggest challenge will be to set
priorities for initiatives and projects based on limited resources.

JofA: What objectives have you identified?

Murphy: We have a very aggressive agenda already in
progress. We are developing significantly enhanced resources for all
of our very diverse members, including those in business and industry,
to assist them with the ever more challenging demands of the
profession. We also expect to continue exploring private company
accounting principles, evaluating potential changes from public
company GAAP and also continue our very successful outreach to educate
the public on financial literacy topics as more Americans struggle
with managing their financial commitments in this rapidly changing
world. Finally, we need to address the increasing shortage of
qualified staff in our profession. Regulatory demands and recent
business failures have created unprecedented demand for staff with
financial skills, particularly in the area of internal controls.
Shifting demographics will further strain our already scarce resources
and require much more flexibility and creativity to effectively
compete for qualified talent.

BUSINESS AND INDUSTRY MEMBERS JofA: A significant number of Institute members are accounting
professionals working in business and industry. What role can they
play in improving the reputation and effectiveness of the
profession?

Murphy: CPAs working in business and industry often
serve as the conscience of their organizations, steering companies to
higher levels of business ethics. Accountability and integrity, two
hallmarks of our profession, are much-needed attributes that CPAs
bring to the corporate world. As controllers, CFOs, strategic advisers
and business leaders, they can help bring quality and rationality to
American business. From internal controls to enhanced audit
committees, they are actively engaged in virtually every area of
corporate America. They are likewise active in the Institute and have
made significant contributions to the initiatives underway. We will
look for broader and more effective ways to serve these members and
expand the value proposition that comes with membership and
volunteerism.

WOMEN IN THE PROFESSION JofA: Many people in the profession have been following the controversy
over Harvard University President Lawrence Summers’ comments about
women in science. What lessons and insights can CPAs provide on this
issue?

Murphy: Much has changed in our profession over the
past several decades. Most significant is the abandonment of the
assumption that women are not willing to make the commitment necessary
to be successful. Women now represent more than half of the graduates
in accounting and increasingly are moving into the partner position
and assuming leadership roles within firms. The professional service
environment provides significant opportunity for flexibility, which is
fundamental for striking an appropriate balance between personal and
work commitments. Also, at its core, accounting is a service
profession and the way women are socialized in our society prepares us
well for service to our clients and our employers. Other professions
should follow the lead of public accounting and look to capitalize on
attributes that may contribute to the success of women, rather than
hypothesizing about what may be holding them back.

ACHIEVEMENT JofA: What do you consider to be your most important professional and
personal accomplishments?

Murphy: My most important professional
accomplishments relate to the contributions I believe I have made to
Plante & Moran as a member of the senior management team,
including the role I have played in the advancement of women and the
continued development of our unique culture. The role I will assume as
chairman of the AICPA board is an incredible honor and a capstone to
my career. My greatest personal achievement, without question, is the
loving relationships I have built and sustained with my husband,
children and grandchildren, given my extremely demanding professional
life.

JofA: What’s the one question you think you’ll be asked most often in
the coming year, and how will you answer it?

Murphy: It will be, “Why did I choose to take on this
challenge and serve the profession in this manner?” My response will
be that I believe the rewards far exceed the effort and I am most
fortunate that my firm has supported this significant contribution to
the profession. I encourage each of our members to get involved and
take advantage of all we can learn from one another, while we
collectively contribute to the advancement of the profession. As an
added benefit, volunteering provides the opportunity to work with
extraordinary individuals who are likely to become lasting friends and
professional colleagues.

NANCY R. BALDIGA, CPA, is an associate professor and chair of the
department of economics at the College of the Holy Cross, Worcester,
Mass., and a former member of the AICPA Work/Life and Women’s
Initiatives Executive Committee .

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